GIABA returns to Banjul to continue fight against money laundering...

Director-General-of-GIABA-Dr-Abdulahi-Shehu

The Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) will return to The Gambia to hold a 3-day regional training workshop on Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) requirements for non-bank regulators and supervisors. 

The course, scheduled to take place from October 4-6, 2011 at a local hotel at the town of Bijilo in the West Coast Region of The Gambia, is intended to improve participants understanding of their roles as enunciated by FATF 40 + 9 Recommendations in particular Recommendations 24.

This, according to GIABA, will enhance their supervisory role of promoting financial inclusion of the informal sector that will lead to a stable financial sector and reduce the vulnerability of the informal and designated non-financial businesses and professions to money laundering and terrorist financing activities.

The participants will include senior officials of competent authorities or institutions responsible for supervising and regulation of Designated Non-Financial Businesses and Professions (DNFBPs) towards ensuring their compliance with requirements to combat money laundering and terrorist financing in the region.

The course is expected to cover presentations on risk based approach to AML/CFT compliance supervision,  role and responsibilities of the Financial Intelligent Unit, Overview of FATF 40 + 9 Recommendations, requirements and responsibilities of reporting entities; Compliance officers within DNFBPs; Inter-agency cooperation between the regulators and DNFBPs and utilization outcomes of GIABA Money Laundering and Terrorism Financing Typologies.

The Gambia has since been ranked high in perceived public corruption. In 2009, the country was ranked 109 among 180 countries in Transparency International (TI) Global Corruption Perception Index. The country only managed to jump six places better in last year’s rankings.

Drug trafficking has been for so long linked with money laundering and terrorist financing.
The recent increase in drug trafficking and related criminal conduct has increased concerns for the sub-region’s money laundering and terrorism financing watchdog, GIABA as to whether Gambia is becoming a major transit point for drugs destined for South America and Europe. In June 2010, the Drug Enforcement Agency in Banjul uncovered cocaine worth more than $1billion, for which nine-foreign nationals are still standing trial. 

• Author: Modou S. Joof for The Voice Newspaper